Please solve the following:

Question 1: (10 marks) ABC CO. sells oil and gas machinery for $50,000 per unit. Each unit comes with a 2 year full unit (parts and labor) warranty. The estimated cost of the 2 year warranty is $1,600 and the market price for the same warranty, that can be purchased from another vendor, is $1,800. Customers can also purchase a separate extended warranty (which begins after the standard manufacturers warranty ends) for one year for an additional $1,300. The estimated cost of each 1 year extended Warranty is $1,000 On January 1, 2021, the company sold 15 machinery and 10 extended warranty contracts, all on account. For the machinery sold in 2021, the company incurred $3,000 in parts and $1,000 in labor for warranty expenses in 2021 and $1,500 in parts and $500 in labor for warranty expenses in 2022. Required: Prepare all revenue and warranty journal entries required for 2021